Zemen Bank’s net profit doubled from 29 million birr to 63.5 million birr in the last fiscal year. 
Zemen Bank disbursed 633.7 million birr in loans to its customers. Loans to medium and long-term projects amounted to 53 percent of the total loans disbursed.
Although the bank increased loans disbursed to its customers by 67.6 percent, its loan-to-deposits ratio remained at 55 percent, the same as that of the year before.
The Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA) is to fully privatize two state-owned enterprises, Walta Information Center reported.
The bid which opened on Monday 1 October 2013, include Ethiopian Mining Development S.C and Caustic Soda S.C, Wondafrash Assefa, PPESA corporate communications director, told Walta.
The Privatization and Public Enterprise Supervisory Agency in Ethiopia announced that it has earned a total of 762 million birr in revenue over the first two quarters of the fiscal year from the various enterprises under its administration.
The revenue raised by the agency is less than the 1 billion birr target it had set but up 230 million from the same period last year.
The revenue was raised by 53 public enterprises administered by PPESA excluding revenue for agricultural enterprises, which accounts for the deficit from the target revenue according to Wendafrash Assefa, Head of Public Relations with PPESA.
The Ethiopian Privatization and Public Enterprises Agency is planning to transfer 20 state owned enterprises to the private sector in the current Ethiopian Fiscal Year, Fortune reported.
The Agency is re-tendering Ghion Hotel, Agricultural Mechanization Services Enterprise, Transport Construction Design S.C, Artistic Printing Enterprise, and Weyra Transport S.C.
The Ethiopian Privatization and Public Enterprises Supervising Agency earned 6.7 billion birr in revenue in the last fiscal year which showed an increase of 5.7 billion birr from the 1 billion birr projected for the enterprise.
A significant percentage of the revenue raised by PPESA, estimated at 6.18 billion birr, was raised from the auction of public companies up for privatization. Payments deferred from transactions made in previous years accounted for 464 million birr while 50 million birr was raised from transfer differences, fines and other sources of revenue.
The Agency also earned 8.7 million birr from lease sources.
